The authorities of the Chechen Republic announced the launch of a mining pool. Information was confirmed by press Secretary of the head of Chechnya, Alvi Karimov, according to RBC.

The project will combine the computational power of residents of member countries of the Eurasian economic Union (EEU), in particular Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

The creation of the mining pool will be the first step in implementing a blockchain-program “Crypto Chechnya” aimed at the development of the regional economy. The Republic’s authorities plan to create a pool on the basis of the regulatory “sandbox” the Bank of Russia.

It is expected that the start-up of mining sites would increase annual tax revenues of Chechnya.

We will remind, in February, the Bank announced plans for the technology implementation of a distributed registry in the activities of Rosreestr in Chechnya.